What would you lose if your computer was stolen? What would happen if you could not handle your financial affairs – death or incapacity? Would your family be able to locate and access these assets?

Many people think that they can simply leave a list of usernames and passwords for their executors, not knowing that the executor will technically be committing a crime by accessing the accounts later on.

HOW CAN WE MAKE PLANS FOR ACCESS TO DIGITAL ASSETS?

Start with a General Power of Attorney and Last Will – authorize the agent/executor to access digital accounts – include such powers to:

access,

modify,

transfer,

archive,

control and delete digital assets

IT SOUNDS LIKE A LITTLE BIT OF PLANNING COULD SAVE A LOT OF GRIEF AND FRUSTRATION LATER ON…

After a loss, no one wants to be battling an online company over access or trying to locate and gain control of web-based accounts.

There is legislation aimed at solving this problem, the Revised Uniform Fiduciary Access to Digital Access Act.

Keep a good digital asset inventory, including account numbers and passwords, and provide that information to named fiduciaries.